Day 122: What is This Entreprenuer Thing?

Day 122:What is this entrepreneur thing?In my neck of the woods communities seem to struggle to figure out how to help start-up businesses.For some reason start-ups just don’t seem to be treated as sexy.I think economic development and chamber of commerce organizations should focus 90% of their time helping existing business and start-ups.Chasing companies get all the attention but it is your start-ups and existing businesses that sustain and truly grow a community.so, why don’t you spend more time with them?I saw a number from the SBA that said on average a start-up will spend $24,000 for the first year.Most of that $24,000 is being spent in your community.If you have a 100 start-ups each year, which is really a conservative number, these start-ups are spending $2,400,000 in your economy.That’s an impressive number.AND, these start-ups can become your next great existing business.Of course there is a difference in a restaurant and a software developer.But they all are important to the fabric of a community.These 100 start-ups can eat up a lot of time for you.Because of that I would try to focus more on the start-ups that are adding value to a product.Businesses that are making things.A dry cleaner or restaurant are important, but when you have limited time, I would focus more on the businesses making stuff.Next:What can I offer start-ups?

The business of economic development encompasses a broad range of strategies including business retention and attraction, entrepreneurship, workforce development and the attraction of talent, tourism, place branding and marketing, product development, and community planning to enhance the quality of place. The bottom line - to generate new wealth and growth.